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ICICI Direct Report
Ratnamani Metals and Tubes Ltd. reported a healthy Q4 FY23 performance aided by healthy growth in sales volumes and robust Ebitda margins.
For Q4 FY23, Ratnamani Metals reported total sales volume of 106260 tonnes, up 57% YoY and 60% QoQ, significantly higher than our estimate of 71500 tonnes. Revenue from operations (standalone) for the quarter was at Rs 1436 crore, up 47% YoY, 36% QoQ, notably higher than our estimate of Rs 1126 crore.
Standalone Ebitda for the quarter was at Rs 292 crore, up 73% YoY, 50% QoQ (our estimate of Rs 179 crore). Standalone Ebitda margin for the quarter was at 20.3%, up 300 basis points YoY, 190 bps QoQ, higher than our estimate of 15.9% • Ensuing standalone profit after tax for the quarter was at Rs 196 crore, up 75% YoY, 48% QoQ (our estimate of Rs 121 crore).
Key triggers for future price performance:
Ratnamani Metals' order book as on May 1, 2023 was at Rs 2440 crore, wherein in terms of segment wise break-up stainless steel order book was at Rs 737 crore, while carbon steel orders book was at Rs 1703 crore.
For the standalone entity, topline guidance for FY24E is ~Rs 5000 crore, with Ebitda margin guidance in the range of ~16-18%.
Over FY23-25E, we expect the topline to grow at a compound annual growth rate of 13% while Ebitda, profit after tax are expected to register CAGR of 14%, 16%, respectively.
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